In a significant move to boost its open economy, China has announced the removal of foreign investment restrictions in the manufacturing sector. The decision comes with the release of the 2024 version of the negative list for foreign investment access, as declared by China's top economic planners on Sunday.
Jointly issued by the National Development and Reform Commission (NDRC) and the Ministry of Commerce (MOC), the updated negative list reduces the number of restricted sectors from 31 to 29. Notably, this change achieves zero restrictions specifically in the manufacturing sector, signaling China's commitment to attracting more foreign investment.
An NDRC official highlighted that the implementation of the 2024 negative list is a crucial step towards establishing a higher-level open economy system. This initiative is expected to enhance China's economic landscape by fostering a more welcoming environment for international businesses.
The NDRC, in collaboration with the MOC and other departments, will continue to implement the system of pre-establishment national treatment combined with the negative list for foreign investment access. These measures aim to ensure the timely rollout of new opening initiatives, further reinforcing China's position as a global manufacturing hub.
Reference(s):
China to lift foreign investment access restrictions in manufacturing
cgtn.com
